‘Long marches, agitations cause huge loss to economy’

ISLAMABAD: Acting Chairman Federal Board of Revenue (FBR) Shahid Hussain Asad on Friday said that long marches and agitations would cause huge loss to the national economy and also put a negative impact on the local business across the country.Talking to APP, he said that because of sound economic policies of the government the country’s economy had been growing constantly and helped enhance business activities in the country.Shahid Hussain said that after the announcement of long march by Pakistan Tehreek-e-Insaf (PTI), the local stock exchange witnessed bearish trend in the current week, which had a negative impact on the economy. He said that FBR has collected Rs.138 billion by July 31, 2014, which is higher than the tax collected in the same period of the Fiscal year 2013.While the target for the previous month was Rs 137 billion, therefore FBR has surpassed the target by realizing one billion rupees more by collecting Rs. 138 billion despite long Eid holidays that reduced tax collection last month, he added.The Acting Chairman said that FBR is committed to broadening the tax net for strengthening the national economy and to enhance tax to GDP ratio in the country in line with the policy of the government.Shahid Hussain Asad said that FBR plans to issue notices to those non-compliant persons, who have not returned their tax returns.Replying to a question, he said that Prime Minister Muhammad Nawaz Sharif had announced the tax incentive package for non-taxpayers and they were given special relaxations in tax returns in order to encourage them to come under the tax regime for the country’s prosperity.He expressed the hope that the business community would have benefit from these facilities extended by the government and businessmen filed their tax returns.